Stocks up as HP optimism offsets economy, GM

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By Ellis Mnyandu

NEW YORK (Reuters) - Stocks rose in choppy trade on Tuesday as computer maker Hewlett-Packard's reassuring quarterly results and an upbeat profit forecast tempered worries about the global economic slump and uncertainty about aid for U.S. carmakers.

Shares of HP, a Dow component, rose more than 10 percent to $32.39 on the New York Stock Exchange, an advance that also underpinned shares of other technology bellwethers, including Apple Inc , up almost 2 percent and IBM up more than 2 percent.

The news from HP marked a significant boost to investor sentiment as concerns about the faltering global economy still have the market pinned at its lowest levels in more than five years. HP was a top boost to the Dow, followed by IBM, while Apple led the Nasdaq's advance.

"HP's news was certainly positive," said Michael Church, financial analyst at portfolio manager at Church Capital Management in Philadelphia. "This doesn't feel like early October. There's at least a little bit of certainty about the financial system not being on the brink of failure."

The Dow Jones industrial average <.DJI> rose 135.00 points, or 1.63 percent, to 8,408.58. The Standard & Poor's 500 Index <.SPX> climbed 11.56 points, or 1.36 percent, to 862.31. The Nasdaq Composite Index <.IXIC> gained 10.41 points, or 0.70 percent, to 1,492.46.

News of a stronger-than-expected profit at Home Depot Inc , the largest U.S. home improvement chain, offered an additional positive spur. Home Depot shares rose more than 6 percent to $21.25 on NYSE.

But optimism was offset by a drop in shares of big manufacturers, including Boeing , down 3.2 percent at $39.86 on the NYSE amid persistent worries that the global economic slump is deepening.

Beverage company Coca-Cola was another drag, off 3 percent at 1.9 percent at $43.15, after credit ratings agency Fitch forecast weak demand for the beverage sector ahead.

Federal Reserve Chairman Ben Bernanke said that credit markets, while stabilizing, remain under serious strain and government capital injections into banks are needed to help restore normal lending. Bernanke spoke before the House Financial Services Committee

Also testifying on Capitol Hill, Treasury Secretary Henry Paulson said it was necessary to ensure that the $700 billion financial bailout money was not diverted to other uses.

Shares of General Motors dropped 6 percent to $2.98 as industry executives prepared to take their case for a $25 billion bailout to Congress.

Ford Motor Co Chief Executive Alan Mulally warned of dire possible consequences for the auto industry if one of Detroit's Big Three carmakers had to file for bankruptcy.

(Editing by Kenneth Barry)

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